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Austrian Economic News and Analysis
Read the latest headlines about Austria's economy, including news on inflation, growth domestic product (GDP), nation's debt and labor market
Anadi Bank: Former Deutsche Bank Board Member Becomes New Board Member for FinTech
Alp Dalkilic, a former board member at Deutsche Bank, has been appointed to the Management Board at Anadi Bank. Dalkilic is primarily responsible for the bank's FinTech strategy. Read more about Dalkilic and Anadi Bank.
November 5, 2021
COVID-19 in Austria: Concerns About Transition to 2.5G Rule in Workplace
Due to increased COVID-19 cases and hospitalizations, Austria is considering transitioning from the 3G rule in the workplace to a 2.5G rule in the coming weeks. Some government officials are expressing concerns about the implementation of this change. Read about the potential requirement change and the concerns that some have about it.
November 3, 2021
Schallenberg at UN Climate Conference: "We can only overcome a global crisis together"
Chancellor Schallenberg recently spoke at the 2021 UN Climate Change Conference (COP26) in Glasgow. The Austrian chancellor stressed the need for international cooperation to fight climate change. Read some of Austria's climate goals, what steps it is taking to achieve these, and what the chancellor said still needs to be done.
November 2, 2021
Austria Deepening Relationship with Gulf States: Foreign Minister Linhart in Qatar
Qatari Prime Minister Sheikh Khalid bin Khalifa bin Abdul Aziz Al-Thani and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani recently met with Foreign Minister Linhart in Doha, Qatar. The leaders discussed various issues, including the strengthening of ties between Qatar and Austria. Linhart also met with Qatari business leaders as part of the ReFocus Austria initiative. Read about Linhart's trip to Qatar.
October 29, 2021
Strategic Partnership with United Arab Emirates in the Pipeline
On a trip to the United Arab Emirates (UAE), Austrian National Council President Wolfgang Sobotka expressed support for a strategic partnership between the two countries. Read about this new partnership that is currently in the works.
October 28, 2021
Tourists Return to Vienna
Vienna saw a notable increase in overnight stays in September compared to September of last year. This is a positive sign for the tourism industry in Austria, which has been hit hard by the COVID-19 pandemic. Read about the changes in tourism levels in the Austrian capital.
October 28, 2021
Economic Diplomacy a la "ReFocus": Connecting Diplomatic Representatives with Austria's Business Community
Diplomatic representatives in Austria met with members of the Austrian business community as part of the "ReFocus Austria" government initiative aimed at promoting Austrian companies abroad and Austria as a business location. The main focus of this event was opportunities in the "green economy." Read more about this event and "ReFocus Austria."
October 27, 2021
Rating Agency Fitch Affirms Stable Outlook for Austria at AA+
Austria's AA+ rating is supported by a rich, diversified, open and high-value-added economy with strong political and social institutions, according to Fitch, the NYC based rating agency.
October 26, 2021
Vienna Hosts "Central 5" Foreign Ministers
The foreign ministers of Slovenia, Slovakia, Hungary, the Czech Republic, and Austria, which make up the informal "Central 5" (C5) forum, recently met at the Albertina in Vienna. Read about the meeting, what Austrian Foreign Minister Michael Linhart said, and watch the full joint press conference.
October 26, 2021
Official State Visit of the King of Jordan to Austria
King Abdullah II of Jordan recently met with President Van der Bellen in Vienna. The two leaders discussed various issues, including climate change. Read more about King Abdullah's official visit to Austria.
October 26, 2021
Austria's Strategy for the Upcoming European Council Meeting
Ahead of the European Council meeting in Brussels, Austrian Chancellor Schallenberg, EU Minister Edtstadler, and members of parliament laid out Austria's strategy for the meeting. Read their stances on the key issues they plan to raise in Brussels.
October 22, 2021
Infineon Opened €1.6 Billion High-tech Chip Factory in Villach
After three years of planning and construction and a € 1.6 billion price tag, Infineon Technologies AG finally opened its new high-tech chip factory in Villach, Austria. Read more about the new factory, the chips produced there, and what Infineon does.
October 20, 2021
Austria Presents Financial Budget for 2022
Austrian Finance Minister Gernot Blümel presented Austria's draft financial budget for 2022 to the Austrian Parliament in the form of the annual budget speech. The plan includes tax reforms, budget increases for various ministries, estimates regarding the COViD-19 crisis, and more. Read some of the specific provisions in the budget outlined by the finance minister.
October 14, 2021
Vienna's "Traincademy" Uses Modern Simulators and VR for Driver and Rail Jobs Training
The new Traincademy in Vienna offers training courses for train drivers and other rail jobs using modern simulators and VR technology. With some estimating that thousands of rail employees will be needed in the coming years in Austria alone, the Traincademy wants to offer high-quality training to those looking for careers in the industry. Read more about the new Traincademy and the future of the rail industry.
October 13, 2021
Messe Wien Celebrates 100 Years
Messe Wien, the largest trade fair in Vienna, is celebrating its 100th anniversary this fall. To celebrate the occasion, Vienna Mayor Michael Ludwig attended a presentation of a new book that details the one-hundred-year history of the Messe Wien. Read about the new book and the significance of Messe Wien.
October 13, 2021
President of Georgia, Salomé Zourabichvili, in Austria
The President of Georgia, Salomé Zourabichvili, recently visited Austria and was hosted by President Van der Bellen at the Vienna Hofburg. The two heads of state discussed various issues, including the current political crises in Georgia and Austria. Read about the visit and what the presidents said at their joint press conference.
October 13, 2021
AMS to Provide Support as Companies Struggle to Fill Job Vacancies
Austria's public employment service (AMS) announced that it will be supporting companies with the "AMS Business Tour" initiative. Teams from the AMS will help companies in finding personnel, as the latest employment figures from the AMS show that three out of ten job vacancies currently cannot be filled even after three months of searching. Read more about this new initiative and some of the latest numbers from the AMS.
October 11, 2021
Austrian Government Promises to Provide More Money for Childcare
Austrian Minister for Women and Integration Susanne Raab announced that the federal government will be providing more money for childcare. Read more about what Raab said about this expansion of childcare in Austria.
October 7, 2021
Polish-Austrian Relations: Official Visit and Business Forum in Warsaw
Polish President Andrzej Duda hosted Austrian President Alexander Van der Bellen in Warsaw for the first official visit of an Austrian President in Poland since 2009. The two had a meeting and held a joint press conference in which they discussed various issues, including Poland's current issues with the EU. Van der Bellen also attended an economic forum and met with other Polish leaders. Read more about the details of the President's visit to Poland.
October 6, 2021
ReFocus Austria: Roundtable in New York as First Initiative in the U.S.
On his stay at the 76th United Nations General Assembly in New York, Foreign Minister Schallenberg held a roundtable event with Austrian and U.S. entrepreneurs to exchange ideas. This was the first of the ReFocus Austria initiative events in the U.S. aimed at strengthening the Austrian economy. Read more about ReFocus Austria and what was discussed at this event.
September 30, 2021
Doing Business with the United Arab Emirates: World Expo 2020 Opens in Dubai
The World Expo 2020, which kept its name despite being delayed to 2021, is set to begin in Dubai on 1 October. The United Arab Emirates (UAE) has been a particularly sought-after market for many Austrian companies. Read about the upcoming Expo, the economic relationship between Austria and the UAE, and some of the many Austrian companies that have found success there.
September 23, 2021
Vietnamese Business Delegation in Vienna
The Chairman of the Vietnamese National Assembly, Vuong Dinh Hue, and a high-ranking business delegation recently attended a business forum in Vienna with the Austrian Chamber of Commerce (WKÖ) Vice-President Richard Schenz. The forum included discussions about the dynamic Vietnamese economy and why it is an ideal location for Austrian companies and investors to diversify in Asia.
September 22, 2021
International Luxury Travelers to Visit Vienna
The Vienna Tourist Board (WienTourismus) is targeting international luxury travelers in a fall advertising campaign across Europe and the USA in an attempt to boost Vienna's tourism industry. This campaign will include advertising for culinary events in Vienna like "Feed Your Soul," it will market Vienna as a destination for business meetings, and it will target Ultra High Net Worth Individuals. Read more about Vienna's various offers aimed at international luxury travelers.
September 22, 2021
Security and Stability: Austria Deepens Cooperation with UAE, Saudi Arabia and Oman
Foreign Minister Schallenberg visited the UAE, Saudi Arabia, and Oman on a four-day trip to the Gulf region. While there, he spoke with various officials, including his counterparts: UAE Foreign Minister Abdullah bin Zayed bin Sultan Al-Nahyan, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud, and Omani Foreign Minister Sayyid Badr Albusaidi. The main topics of discussion were security, especially regarding extremism, and economic recovery from the COVID-19 pandemic.
September 15, 2021
The 250th Anniversary of the Vienna Stock Exchange
The Vienna Stock Exchange recently celebrated its 250th anniversary since it was founded by Maria Theresa. Minister of Finance Gernot Blümel congratulated the stock exchange on its anniversary and advocated for the implementation of a government program and retention periods to incentivize Austrians to invest in the domestic economy. Minister Blümel and Vienna Stock Exchange CEO Christoph Boschan both advocated for educating the public on financial topics. Read more about the Vienna Stock Exchange and what the pair said on its anniversary.
September 14, 2021
"Made in Austria": Ambassadors to Serve as Export Promoters
The Austrian government is calling on its diplomats around the world to promote Austria's export and tourism industries abroad to help the economy recover from the COVID-19 crisis. At the opening event of "ReFocus Austria", Chancellor Kurz, Foreign Minister Schallenberg, and Vice-President of the Federal Chamber of Commerce (WKÖ) Martha Schultz laid out the government's plan. Read about "ReFocus Austria," what these officials said about it, and watch the video of the opening event.
September 10, 2021
1.8 Million Euro Seed Funding for Austrian Crypto Investment Start-up
The cryptocurrency investment start-up Coinpanion is receiving € 1.8 million in seed investments from well-known investors in Austria and Germany. The lead investor is the German High-Tech Gründerfonds (HTGF), one of the most active venture capital funds on the European market. Read more about the start-up and those investing in it.
September 2, 2021
Are "Green Bonds" also Coming to Austria?
At the European Forum Alpbach, Austrian Finance Minister Gernot Blümel announced that Austria wants to issue a so-called "green bond" in the first half of 2022. The Ministry of Finance and Federal Financing Agency (OeBFA) have already completed the necessary technical work to issue the bonds. Read more about "green bonds" and Austria's plans to begin issuing them.
September 1, 2021
Inflation in Austria: Highest Rate in 10 Years
In August 2021, the inflation rate reached 3.1%, the highest value since December 2011.
August 31, 2021
ÖBAG: Attorney Edith Hlawati to Succeed Thomas Schmid
The Supervisory Board of Österreichische Beteiligungs AG (ÖBAG) has appointed the internationally recognized business lawyer Dr. Edith Hlawati as the new Chief Executive Officer of ÖBAG. She will succeed Thomas Schmid and take over the management of the state holding on 1 February 2022. Learn more about her and the selection process.
August 30, 2021
The Chamber of Commerce Switzerland-Austria-Liechtenstein Turns 100 Years Old
The Chamber of Commerce Switzerland-Austria-Liechtenstein or Handelskammer Schweiz-Österreich-Liechtenstein (HKSÖL) has supported economic relations between the countries for 100 years. They provide professional assistance to companies in these countries and Central and Eastern Europe. The HKSÖL has facilitated a particularly successful economic relationship between Austria and Switzerland. Read more about what the HKSÖL does and the Austro-Swiss economic relationship.
August 27, 2021
Austrian Chamber of Labour and Ombudsman Board: Family Allowances Delayed for Months
Families in Austria are complaining about their family allowances being delayed for months. The President of the Austrian Federal Chamber of Labour Renate Anderl and Ombudsman Bernhard Achitz have expressed serious concerns about the issue and blame staffing shortages at the Federal Ministry of Finance for the delays.
August 25, 2021
Austrian Business Agency: René Tritscher Succeeds René Siegl
René Tritscher has succeeded René Siegl as the new Managing Director of the Austrian Business Agency (ABA). Read about Mr. Tritscher's views on the future of the agency, as well as his previous experience working for ABA - WORK in AUSTRIA and the Austrian Economic League (Österreichischer Wirtschaftsbund).
August 24, 2021
Importance of Economic Relations Between the United States and Austria
The American Chamber of Commerce in Austria (AmCham Austria) presented a new study on the importance of economic relations between the United States and Austria. AmCham also provided a position paper with five key recommendations to the Austrian Minister for Digital and Economic Affairs Dr. Margarete Schramböck and Secretary-General of the Austrian Foreign Ministry Peter Launsky-Tieffenthal. Read about the findings of the study and AmCham's recommendations.
August 23, 2021
City Diplomacy: What Connects the German-Speaking Capitals Berlin, Bern and Vienna
Mayor of Berlin Michael Müller, Mayor of Bern Alec von Graffenried, and Mayor of Vienna Michael Ludwig met in Vienna to exchange experiences and learn from each other. The three mayors drew up a joint declaration that addressed climate change, affordable housing, economic resiliency from the COVID-19 pandemic, and democracy and the rule of law.
August 19, 2021
Blümel: We Are Continuing to Help Those Businesses That Need It
Austrian Finance Minister Gernot Blümel announced that businesses can apply for two types of aid to help mitigate struggles due to the ongoing COVID-19 pandemic and economic crisis. The default bonus II has been adapted and extended until the end of September, and the loss replacement until the end of the year.
August 16, 2021
Mückstein Announces Ten Million Euros for International Projects in Health and Social Sector
Austrian Health Minister Wolfgang Mückstein announced that Austria will provide ten million euros for European and international projects to address the health and social consequences of COVID-19. The projects are particularly targeted at women and girls, refugees and vulnerable groups that have been significantly affected by the health and economic consequences of the pandemic.
August 13, 2021
Austrian Airlines CEO: "The crisis does not allow for a sigh of relief"
A report shows that Austrian Airlines, like the airline industry as a whole, is still suffering greatly from the COVID-19 pandemic. CEO Alexis von Hoensbroech acknowledges that 2021 has been better than 2020 so far, but the airline is still a long way from reaching pre-pandemic numbers.
August 9, 2021
Austrian Wholesale Prices: Largest Increase Since March 2011
In July 2021, wholesale prices saw their largest year-over-year increase since March 2011. The increases can be seen in the steel industry, gas industry, agricultural industry, and more. Read about which other industries the increases are affecting and just how significant the increases are.
August 6, 2021
Real Estate: Property Becoming Increasingly Expensive in Austria
Real Estate prices continue to rise in Austria despite the COVID-19 pandemic. While the property market is becoming increasingly expensive, rents in Vienna remain fairly affordable. Learn the new cost of buying property in Austria and how it compares with the rest of Europe.
August 5, 2021
Economic Opportunity: Malaysian-Austrian Joint Statement on Cooperation
Malaysian Minister of International Trade and Industry Mohamed Azmin Ali met with the Austrian Minister of the Economy Margarete Schramböck. The pair discussed cooperation in the high-tech industry, education and more. The two ministers also signed a joint statement, affirming Malaysia and Austria's intention of further economic cooperation.
August 3, 2021
Opening of the 75th Bregenz Festival
After being canceled in 2020 due to the COVID-19 Pandemic, the 75th anniversary of the Bregenz Festival is finally happening. President Alexander Van der Bellen gave a passionate address about climate change and other issues at the opening of the festival.
July 22, 2021
Mayor Ludwig Announces Mask Requirement Remains in Vienna
Mayor of Vienna Michael Ludwig announced that, due to an increase in COVID-19 cases, masks would still be required in shopping and retail stores in Vienna. This decision comes despite an easing of COVID restrictions by the federal government.
July 22, 2021
The Future of Tourism in Vienna Lies in Overseas Guests
Vienna International Airport and Vienna Tourist Board have extended their cooperation with the aim of acquiring international long-haul connections. They believe the future of the tourism industry in Vienna, especially coming out of the COVID-19 pandemic, depends on attracting more overseas guests. Find out why.
July 21, 2021
The Rich in Austria: Dollar Millionaires Up 5.3 Percent to Record 163,300
The number of so-called high net worth individuals (HNWIs) in Austria grew by 5.3 percent from 2019 to 2020 to 163,300 dollar millionaires. This is 8,200 more HNWIs than in the same period last year.
July 17, 2021
Arab Ambassadors in Vienna and Economic Relations between their Countries and Austria
The Ambassadors from Egypt, Iraq, Jordan, Morocco, Oman, Palestine, Qatar, Tunisia, and the UAE to Austria provided an economic overview of their countries and their relationship with Austria in an online forum with the Austro-Arab Chamber of Commerce (AACC).
July 11, 2021
German-Speaking Heads of State: "Possibility of More Sustainable and Resilient Era"
The heads of state of German-speaking countries met in Germany to discuss social cohesion after the Covid-19 pandemic and using the pandemic to move into a "more sustainable and resilient era". Read more about the meeting below.
June 30, 2021
Von der Leyen Approves Austrian Economic Comeback in Vienna
During her visit to Vienna, EU Commission President Ursula von der Leyen has delivered the good news that Austria is to receive EUR 3.5 billion worth of EU grants. The budget will be mainly available for investments and reforms in the areas of environmental and digital transformation.
June 22, 2021
Taiwan and Austria: Current State of Political and Trade Relations
The relations between Taiwan, officially the Republic of China (ROC), and Austria are developing stably despite the current tensions in the South China Sea.
June 1, 2021
How Expensive is Rent in Austria?
The rent costs in Austria vary depending on the duration, region and type of rental segment. Find out more about the exact amounts you have to pay across Austria!
May 25, 2021
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